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Tewksbury NJ Real Estate Market November 2011

By Bob Zorechak - ABR, GRI, e-PRO

Real Estate Agent with Keller Williams Realty Metropolitan

December 06, 2011 01:11 PM

by Bob Zorechak - GRI, ABR, e-PRO

The latest information for the Tewksbury NJ Real Estate Market November 2011 indicates a dramatic increase in the amount of homes listed For Sale over the past two years (2010 & 2011) as compared to the previous two years (2008 & 2009) during the month of November by as much as a 5 to 1 margin. There are currently (103) homes For Sale, as compared to (88) homes for this same period last year, (26) in October of 2009 and just (19) in the same month of 2008. Currently there are (7) Pending Sales as compared to (4) at this time in 2010. There were (2) Closed Sales this month as compared to (0) from the same time last year with (4) in 2009 and (4) in 2008. The Average Sales Price is currently $287,000, which has been steadily declining over the past 3 years for the month of November. This amount indicates November sales activity being primarily focused at the low end of the market with buyers holding off on the medium and high priced properties.

Tewksbury's current supply of available inventory (Absorption Rate) has increased slightly by 3.4% from last year at this same time up from 20.1 to 20.8 months. This means it will take a little over 20 months to sell off the the existing inventory based on the current rate of sales (excluding new listings hitting the market during that time). This figure represents an extremely large and excess inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. In addition, interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with an overall weak economy.